It's said that someone once read this, and said, "I don't see what the fuss is about, it's just a bunch of quotes strung together." That has advantages and disadvantages in reading. The more you're familiar with Elizabethan language, the better you can comprehend and appreciate the plays. But sometimes reading something such as "To Be or Not to Be" I'm reminded of a friend's reaction to the presence of Ted Danson in Private Ryan. He said all he could see was Sam of Cheers. It can be disconcerting to hear or read something that familiar. And I recommend doing both--hearing and reading if you want to get the most out of Hamlet. Precisely because the language and some of the literary and historical allusions are unfamiliar, reading an annotated copy of the play is a must--all the more because this is Shakespeare's longest play. But the text of a play is after all just a scaffolding--it's really not meant to be read, but seen.
The title role is the quintessential test of an actor; Hamlet appears in a larger proportion of the play than in any other Shakespeare role--two thirds--and some fine Hamlets have appeared on film. There's the classic 1948 film directed by and starring Laurence Olivier, there's the 1990 Zeffirelli version starring Mel Gibson with Glenn Close as Gertrude and there's the 1996 film directed by and starring Kenneth Branagh. Branagh's film is visually stunning, has incredible depth of casting with celebrated actors taking even the minor roles, and it's the longest using the full "eternity text;" it's a little over four hours. Those with less stamina might prefer Zeffirelli's version, at close to half the length. One thing about performances you're likely to see. Especially because the title role is so demanding, you usually see mature, veteran actors as Hamlet. Olivier was in his forties when he played the role, Gibson and Branagh in their thirties. I think this throws off the character. Hamlet is young--still a student and often referred to as "young." And age matters. One thing I loved about Zefirelli's Romeo and Juliet was how he cast actors that actually were the right ages--it made so much more sense of their actions, and I think that's true of Hamlet too. It makes more sense of his famous hesitations, his emo soliloquies, his grief over his father, his near suicidal musings and manic turns and why he feels so betrayed by his mother. If she married young and he is still young, she could possibly still produce a child that could displace him as heir. But all that is lost with a Hamlet pushing 40 and a post-menopausal Gertrude.
One of those books/plays you have to read or you're an ignoramus, but one that pays to know, and is even enjoyable if you have one whit of poetry in your soul. It's not my favorite Shakespeare play, but if by some miracle you got through high school and college without being exposed to Shakespeare, this is probably the one you really should know over all the others.